Mediation is gaining wide popularity in Ukraine. Therefore, the United Nations Convention on International Settlement Agreements Resulting from Mediation was signed in Singapore on August 07, 2019. Ukraine is among the participating countries. The Convention is intended to simplify and facilitate the enforcement of decisions achieved by the parties during mediation in international commercial disputes. It involves the introduction of instr
uments for the recognition and enforcement of decisions achieved through mediation. The Convention will apply to international agreements concluded as a result of mediation in commercial disputes between two companies from different countries of the Convention. It creates a unified framework for the recognition of such agreements at the territory of the participating country and makes it possible to apply to the court for the recognition of such agreement and its enforcement in another jurisdiction. The Singapore Convention is intended to be an instrument for facilitating international trade and promoting mediation as an alternative and effective method of resolving trade disputes. It guarantees that the agreement achieved by the parties as a result of mediation becomes obligatory and enforceable in accordance with a simplified procedure in foreign jurisdiction.
